Notes

How can wealth management firms be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technology transformation. Farnoush Farsiar writes for EU Today that these are just a handful of major changes that will affect family offices and could fundamentally alter their operating structures.

Family offices are geared towards the technologically advanced, mobile and younger generations. The financial crisis, along with the increasing accessibility of trading online and its democratisation have led to clients becoming more interested in their investment choices. They are seeking more control and knowledge, and no longer have the desire to have discretionary portfolios that are managed at arm's reach.

These changes occur at a crucial time in political and economic turmoil. Offices that attempt to continue their old methods will soon find they are abandoned by the very individuals they were created to help. They must be flexible and innovative in managing investments to offer UHNWIs with a value proposition.

While family offices may differ in both size and size, they should focus on agility over trying to be experts in all areas. The best customer service will be offered by a smaller group of advisors who are able to rapidly implement new technology, and bring on board external experts when needed. These changes will require blurring the lines between family offices and private banking the most successful companies will be those that maintain the loyalty and level of trust of a family office while staying in the forefront of sourcing deals and adopting technology.

Success will be born of the ability to capitalize on more traditional, traditional, network- and reputation-based methods of deal sourcing whilst also using online methods to find deals and opportunities. Deal sourcing platforms online are just one of the tools which wealth managers and flexible private offices can easily install in contrast to the large, bankers who are mired in large-firm bureaucracy. Farnoush Farsiar This platform allows dealmakers to easily review and access a range of deals simultaneously which could save them time and money.

Another online service that's revolutionizing how family offices interact with their clients is Wealthica. The Wealthica dashboard service automatically consolidates investment from a variety of sources and brings clients into daily communication. It's a vast improvement back to the days when wealth managers would only provide occasional updates about the progress of their clients' funds.

The tools can be utilized to aid wealth managers increase efficiency and speed. The strategy that underpins their investment strategy is the most important aspect. It is important to combine the traditional and the innovative. Farnoush Farsiar For example you should continue searching for real estate opportunities as well as looking at investment opportunities in emerging areas such as food security or climate science. Impact investing has certainly 'arrived" in the world of family offices - UBS Global Family Office Report 2018 found that one-third of family offices were engaged in the field of impact investing. Most anticipate to become more involved in the future. There are a few issues in this area, such as issues with measuring impact or performing due diligence. But the next generation of UHNWIs and HNWIs will want their family office to be able locate and secure these types of investments. Plato Capital, which I started in 2004, is an investment banking institution that is focused on entrepreneurs. Farnoush Farsiar Our clients can successfully deal with risk and earn the most value for their investment due to our local network.

https://www.techregister.co.uk/farnoush-farsiar-explains-how-fintech-is-changing-finance/ Wealth managers can flourish during turbulent times through mixing the past and the future, adapting to the needs of the young generation and taking risks in their own frameworks. https://www.reddit.com/r/ukpolitics/comments/cepfsc/the_doommongers_are_wrong_after_brexit_london/
Here's my website: https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times